Update 14 May on IOIPG

US stocks mostly rose Tuesday after data showed US inflation easing in April, extending the market’s positive momentum on the improving outlook for trade relations with major partners.

The consumer price index (CPI) eased to 2.3% in April from a year ago, a tick below the 2.4% figure recorded in March. The benign US inflation data also furthers the odds the Federal Reserve will cut interest rates twice in 2025.

UnitedHealth Group sank 17.8% after announcing that Mr. Andrew Witty was stepping down as CEO for personal reasons, dragging down the Dow Jones index.

Hertz plunged 16.9% after reporting weaker-than-expected results, including a quarterly loss of US$443 million.

The Nasdaq closed 1.6% higher, led by Nvidia which gained more than 5% on a chip deal with Saudi Arabia.

Nvidia sending 18,000 of its top AI chips to Saudi Arabia

CNBC, May 13, 2025

Nvidia will send more than 18,000 of its latest AI chips to Saudi company Humain, CEO Jensen Huang announced Tuesday.

The announcement was made as part of a White House-led trip to the region that includes President Trump and other top CEOs.

The cutting-edge Blackwell chips will be used in data centers totaling 500 megawatts in Saudi Arabia, according to remarks at the Saudi-US Investment Forum in Riyadh on Tuesday. Nvidia said its first deployment will use its GB300 Blackwell chips, which are among Nvidia’s most advanced AI chips at the moment, and which were only officially announced earlier this year.

Tuesday’s announcement underscores the importance of Nvidia’s chips as a bargaining tool for the Trump administration as countries around the world clamor for the AI chips, which are used to train and deploy advanced AI software such as ChatGPT.

“I am so delighted to be here to help celebrate the grand opening, the beginning of Humain,” Huang said. “It is an incredible vision, indeed, that Saudi Arabia should build the AI infrastructure of your nation so that you could participate and help shape the future of this incredibly transformative technology.”

Nvidia shares rose more than 5% in trading on Tuesday.

Last week, the Department of Commerce said that it was going to scrap what it called President Joe Biden’s rule, and implement a “much simpler rule”. Nvidia has also been required to seek an export license for its AI chips since 2023 because of national security concerns.

Humain will be owned by Saudi Arabia’s Public Investment Fund, and will work on developing AI models as well as building data center infrastructure, according to a press release. Humain’s plans eventually include deploying “several hundred thousand” Nvidia GPUs.

“Saudi Arabia is rich with energy, transforming the energy through this giant versions of these Nvidia AI supercomputers, which are essentially AI factories,” Huang said.

AMD said on Tuesday that it would also supply chips to Humain as part of a deal to build 500MW of AI capacity. AMD said that Humain has committed $10 billion to the project. AMD stock rose 4% on Tuesday.

Trump praised Huang for appearing at the event on Tuesday, contrasting him with Apple CEO Tim Cook, who was not in attendance. Apple declined to comment.

“Thank you very much, Jensen,” Trump said. “I mean, Tim Cook isn’t here, but you are.”

My take: This is the first instance of the new “simpler rule” that Trump administration is applying on AI chips export controls, replacing Biden’s earlier AI Diffusion Rule. Many of the AI chip deals will be Government to Government (G to G).

There remains a possibility for other “neutral countries” such as Malaysia and Singapore to have similar AI deals with the US / Nvidia. That would be positive for the data center development in Malaysia and Singapore, and positive for YTL Power in its development of the dark fibre projects in Johor-Singapore and along the 1,600km of railway tracks in Peninsular Malaysia.

Nomura turns bullish on Chinese stocks after trade truce with US

Bloomberg, May 13, 2025

Nomura Holdings Inc strategists upgraded Chinese stocks to a ‘tactical overweight’, saying the trade truce between the US and China is a significant positive for the Asian nation’s equities.

“These developments should reduce the US-China geopolitical risk premium that has been associated with Chinese stocks,” strategists led by Chetan Seth wrote in a note on Tuesday. Valuations remain attractive and there’s scope for some global investors to return, they added.

The change in Nomura’s stance from neutral follows the better-than-expected de-escalation of trade tensions between the US and China after discussions over the weekend. The US on Monday said it would reduce levies on most Chinese imports to 30% for 90 days, while China’s duties on US goods will drop to 10%. US President Donald Trump also said Asia’s largest economy has agreed to remove non-tariff barriers on imports.

The deal removes an overhang and analysts are becoming increasingly optimistic that the trade truce will help drive more inflows into Chinese shares. Local markets had been on a positive path leading up to the talks over the weekend, with shares getting an earlier boost from an interest rate cut last week and policymakers’ pledge to support efforts by the so-called “stock stabilisation fund”.

The Chinese onshore benchmark pared gains of as much as 0.6% to trade little changed, as the reduction in tariffs lowered investors’ expectations for any large stimulus from China. A gauge of Chinese shares listed in Hong Kong retraced some of the advances made on Monday, falling 1.8%.

Meanwhile, the yuan climbed to a six-month high in both the onshore and offshore markets on Tuesday after the People’s Bank of China set the currency fixing stronger than the 7.2 per dollar level.

Nomura trimmed its overweight stance on India to fund the China upgrade. It is the first major upgrade of China allocation by strategists since the world’s two largest economies agreed to a temporary reprieve in their trade war.

“Having both India and China equities as an overweight will offer Asian equity investors a natural hedge in portfolios against any trade-related volatility,” the strategists wrote.

While markets have been expecting some reduction in tariffs, the outcome is much larger than expected and can bring a major relief for stocks globally. Less than 10% of respondents in a recent survey by Nomura anticipated tariffs falling below 34%.

A reduction in the US-China geopolitical risk premium paves the way for the MSCI China Index to trade as high as 13 times one-year forward earnings, they wrote. The gauge is currently trading at 10.9 times on that metric, according to data compiled by Bloomberg.

Chinese stocks slide as trade truce seen dashing stimulus hopes

Bloomberg, May 13, 2025

Chinese stocks fell in Hong Kong on Tuesday as initial optimism from the tariff truce with the US gave way to concerns that Beijing won’t feel the need to urgently ramp up growth stimulus.

The Hang Seng China Enterprises Index dropped as much as 1.9% after climbing 3% in the previous session on optimism over thawing Sino-US tensions. The onshore benchmark CSI 300 Index erased early gains.

The fading enthusiasm reflects worries that Chinese policymakers may feel less compelled to adopt potent measures, especially more fiscal spending, to shore up a slowing economy. It’s also a sign that investors are shifting their focus toward the material impact of still-higher US import duties, as well as uncertainties over further bilateral talks in the coming months.

“The reality is that there is less incentive for China to initiate any stimulus or higher fiscal spend and therefore hopes that stimulus to address the key underlying issues in China are being dashed,” said Sat Duhra, a portfolio manager at Janus Henderson Investors.

The US said Monday it will slash duties on Chinese products to 30% from 145% for a 90-day period, while Beijing agreed to drop its levy on most goods to 10%. Trump also said that China had agreed to remove non-tariff barriers to US imports, suggesting even greater concessions could be in store if talks progress.

The Hong Kong gauge’s latest decline means it has yet to recoup all the losses it has incurred since early April, when Trump announced his aggressive tariffs. It also has dented hopes to revive a world-beating rally in Chinese equities earlier this year.

“The uncertainty is no longer about what tariffs will be imposed but about how these levels will hit earnings and economic momentum, especially heading into the third quarter,” said Charu Chanana, chief investment strategist at Saxo Markets. “So while sentiment has improved, the real test lies in how consumers and corporates respond to these new trade realities.”

My take: The easing of trade tensions between the US and China has certainly helped to boost investors’ sentiment in Hong Kong stock market. The drop in HK stocks yesterday was likely due to profit taking, after the strong gains chalked up in late afternoon trading on Monday.

As long as Hang Seng index stays above the 23,200 points mark, the HK stock market will have chance to scale new highs in coming months. The first target will be at 26,600 points followed by 28,800 points, according to a Hong Kong stock chartist.

But Hang Seng index closed down 441 points yesterday to 23,108 points, below the crucial level of 23,200 points. This may mean the index may range bound for a couple of weeks, and a renewed rally may not come early.

Israeli officers warned that Gaza was on the brink of starvation

The New York Times, May 14, 2025

Israel has for months insisted publicly that Gazans have enough food, but in recent days, some Israeli military officers have warned their commanders that widespread starvation will hit within weeks, three Israeli defense officials said.

The Israeli officers, who monitor humanitarian conditions in Gaza, said that unless the blockade is lifted quickly, many areas will likely run out of food to meet minimum daily needs. On Monday, a U.N.-backed initiative that monitors malnutrition also warned that famine was imminent in Gaza.

Context: The warning from inside Israel’s military reveals that parts of the Israeli security establishment have reached the same conclusions as leading aid groups.

What’s next: According to three defense officials, the Israeli military leadership has acknowledged the situation’s severity and is exploring ways to restart aid deliveries while getting around Hamas.

On the ground: Israeli jets bombarded the city of Khan Younis in southern Gaza yesterday in an attempt to kill Muhammad Sinwar, one of Hamas’s last remaining leaders in the enclave.

Trump announced a huge U.S. shift on Syria

The New York Times, May 14, 2025

President Trump is expected to meet with Syria’s president, Ahmed al-Shara, today in Saudi Arabia, a day after he announced that the U.S. would lift its sanctions on the country.

The announcement came on the first day of Trump’s Gulf tour, where the U.S. president was treated to a lavish welcome by the Saudi kingdom. Trump said he had decided to lift sanctions on Syria after talking with Crown Prince Mohammed bin Salman.

“Oh what I do for the crown prince,” Trump said at an investment forum in Riyadh. The end of sanctions represents a sea change for Syria: It would allow for international aid and investment that would help the country recover after nearly 14 years of war.

Context: The U.S. imposed sanctions on Syria in response to Bashar al-Assad’s brutal crackdown on a 2011 uprising, which became a civil war. Syria’s new leaders and their allies in the Arab world argued that the measures had outlived their purpose.

A first: A meeting with Trump would mark a stunning turnaround for al-Shara, who once led a branch of Al Qaeda, but broke ties with the jihadist group in order to moderate his image.

Deals: The White House said Trump secured $600 billion in deals with the Saudi government and firms. But details it provided were vague and totaled less than half that number.

Zelensky urged Trump to attend peace talks

The New York Times, May 14, 2025

President Volodymyr Zelensky of Ukraine appealed to Trump to meet him tomorrow for peace talks in Turkey, after the U.S. president said on Monday that he might. Zelensky said he believed that if Trump confirmed his attendance, it would put pressure on President Vladimir Putin of Russia to do the same.

The Kremlin declined to say whether the Russian leader would be at the meeting. “As soon as the president sees it fit, we will announce,” a spokesman said.

Dutertes outperform in Philippine midterms in blow to Marcos

Bloomberg, May 13, 2025

Philippine voters have delivered a blow to President Ferdinand Marcos Jr and a boost to the controversial Duterte clan, whose members and allies outperformed expectations in Monday’s midterm elections.

Ex-president Rodrigo Duterte looks set to become mayor of Davao City despite his detention by the International Criminal Court for alleged crimes against humanity, according to election results released by GMA News. His two sons lead other races.

Impeached Vice President Sara Duterte, who faces a July Senate trial for alleged misdeeds including an apparent threat to assassinate Marcos, saw allies win at least four of the 12 Senate seats up for grabs. That was more than surveys had indicated and gives her a core bloc of supporters in the 24-member chamber.

“It will be more difficult to get a conviction,” Maria Ela Atienza, a professor of political science at the University of Philippines said in an interview with Bloomberg TV. “There will be a lot of negotiations now.”

Philippine stocks rose 0.8% in early trade and the peso dropped as much as 0.7% after markets were closed on Monday, though the main driver was news of the 90-day truce in the US-China trade war.

The Senate trial still holds perils for the vice-president, but two-thirds of the chamber would need to vote for her conviction, which would remove Sara Duterte from office and block her from a 2028 run for the presidency. But Marcos-endorsed candidates look set to win just six Senate seats, fewer than anticipated, amid widespread concerns about the cost of living and the dispute with his deputy.

“The results reflect the declining popularity of Marcos Jr, the resurgence of the Duterte brand, and the readmission of the traditional liberal opposition back into high politics,” said Anthony Lawrence Borja, an associate professor at De La Salle University in Manila. “It is a welcome surprise for liberals and an unwelcome one for the administration.”

Those liberals are Bam Aquino and Kiko Pangilinan, who are on course to return to the Senate after getting backed by Leni Robredo, a former vice-president who ran against Marcos in 2022.

The results, which may not be officially confirmed for days, raise questions about the ability of Marcos to press his agenda in his last three years in office, especially as the president tries to attract investors and expand the economy by at least 6% this year after first-quarter growth missed estimates.

The president’s sister, Imee Marcos, is on course for re-election as a senator after casting off her brother to join Sara Duterte on the campaign trail.

Congresswoman Camille Villar, daughter of the Philippines’ richest man, Manuel Villar, is set to win election to the Senate. But while she is part of the Marcos slate, she also sought the backing of Sara Duterte late in the campaign to boost her chances. But she didn’t publicly quit the president’s team.

While neither the president nor the vice-president were on the ballot, they campaigned extensively across the archipelago of 114 million people.

After running on a joint ticket in 2022, the Marcos-Duterte relationship fractured, and last November Sara Duterte said that if she was murdered, she had arranged for revenge killings of Marcos and his wife. Her father, Rodrigo Duterte, who had bragged of using a “death squad” to execute criminals, then called on the military to intervene to fix the nation’s “fractured” governance.

The vice-president’s remarks, along with her alleged misuse of public funds, led to her impeachment by the House of Representatives. She denies the allegations.

Relations worsened in March, when Marcos allowed the arrest of Rodrigo Duterte and his transfer to the International Criminal Court in the Netherlands, accused of a role in the deaths of thousands during his war on drugs. The ex-president, now aged 80, is fighting the charges, and some voters liked his hard line.

“Duterte tackled the drug problem,” Jennifer Yandoc, a 44-year-old mother of four, said as she voted in San Fernando City north of Manila on Monday.

Rodrigo Duterte’s youngest son and incumbent Davao mayor, Sebastian, is leading in the race to be his father’s deputy mayor. His eldest son, Paolo, is on course to keep his congressional seat.

More than 18,000 other national and local positions were contested. Voting was mostly peaceful, though at least one person died and several collapsed in stifling temperatures.

Chinese e-commerce giants make expensive bets on fast deliveries

Reuters, May 13, 2025

Chinese e-commerce giants Alibaba and JD.com have opened a new front in the ongoing battle for market share, with both expanding aggressively into so-called instant retail centred around delivery speeds of 30 to 60 minutes this year.

Investors will be dissecting the strategy when JD.com reports its quarterly earnings on Tuesday and Alibaba on Thursday, as finding new avenues for growth has proven challenging for China's largest online retailers.

The new turf war focused on speed is coming at a high cost in the short term as the e-commerce giants look to entice consumers with hefty discounts.

JD.com's JD Takeaway and Alibaba's food delivery app Ele.me last month each pledged 10 billion yuan (US$1.38 billion) in subsidies. JD Takeaway said it would invest the sum over a year, while Ele.me did not disclose the time frame.

"The competition is so intense, there's not a lot of incremental growth opportunities, so everybody is moving into everybody else's territories and instant retail is the latest example of that," said Jason Yu, a general manager at CTR Market Research.

China's food delivery market leader Meituan has moved to grow its business by expanding its instashopping platform, which delivers non-food goods within 30 minutes and JD.com announced its entry into food delivery in February.

"In the past people would go to JD.com to buy a mobile phone and they would deliver to you in the same day, then suddenly they could go to Meituan and have the new Apple iPhone delivered within 30 minutes. That posed a direct threat to JD.com and they moved into food delivery in response," Yu said.

At the end of April, Alibaba expanded its instant shopping portal on its domestic e-commerce app Taobao. That gave users access to restaurants, coffee shops and bubble tea chains available on Alibaba's Ele.me — China's second-largest food delivery player behind Meituan — plus many other categories including pet food and apparel.

Alibaba, JD.com and Meituan did not respond to requests for comment.

Subsidised spending on instant retail from Alibaba and JD.com is being welcomed by cost-conscious consumers.

Users on JD Takeaway currently enjoy discounts of up to 20 yuan, or US$2.77, per day for deliveries from restaurants including McDonald's, Haidilao and Burger King. On Taobao's instant shopping portal, consumers can receive a discount of 11 yuan on a bill of at least 15 yuan.

Liu Qi, 24, a small business owner in Tianjin, said he was pleased when he recently bought a coconut latte on JD Takeaway for only 5.9 yuan.

"I asked the deliveryman and he said he makes 4 yuan per delivery, so essentially, JD.com bought me a cup of coffee and delivered it to my door," Liu said.

He was even more surprised days later when he bought a coffee on Taobao's instant shopping portal for only 3.9 yuan. "It was 2 yuan cheaper than JD.com!" he said.

War chests

While subsidising consumer discounts for instant retail is expensive, China's e-commerce giants have significant cash reserves. As of Dec 31, Alibaba, JD.com and Meituan had net cash positions of 400 billion, 144 billion and 110 billion yuan respectively, according to Morningstar analysts.

And despite the low margins inherent in the business, a renewed focus on instant retail made sense for JD.com and Alibaba in part because both firms have armies of couriers already at their disposal, analysts said.

That means there is no need for an expensive build-out of delivery infrastructure as would be required for other potential entrants like Temu-owner PDD Holdings.

Beijing-based independent industry analyst Liu Xingliang said Alibaba and JD.com were leveraging high-frequency demand for food, coffee and bubble tea to boost lower-frequency demand for clothing, electronics and other higher-margin purchases — betting that if consumers open their apps more often, they might buy more overall.

For JD.com, the expansion into instant retail was particularly important given its traditional e-commerce business appeared to have hit a ceiling, he said.

"It must try to gain market share in new business areas."

My take: This is the typical scene of “内卷“ or internal competition among Chinese players in the same industry, which happened to the EV market in China a couple of years ago until now.

But I take comfort that JD.com and Meituan actually have the same major shareholder, Tencent who owns a 21.3% stake in JD.com and 18.0% in Meituan. It looks like it was JD.com founder, Liu Qiangdong (who owns 20% stakes in JD.com) who tried to defend its market shares in instant shopping delivery business when Meituan’s founder, Wang Xing (who owns a 10% stake in Meituan) started to enter the non-food delivery business in Jan 2025. Liu got JD.com to start entering the food delivery business in February in retaliation to Meituan’s aggressive move into JD.com’s non-food delivery business.

JD.com will spend up to 10 billion yuan over the next 1 year to subsidize riders in order to grab market shares in the food delivery business, forcing Meituan to announce a further investment of 100 billion yuan to defend its market share.

JD.com’s investment of 10 billion yuan is just a fraction of its huge war chest of 241 billion yuan as of 31 Dec 2024. It had some 58 billion yuan of operating cashflows from its e-commerce business in 2024. After allocating 10.8 billion yuan for dividend payouts in 2024, JD.com still has 47 billion yuan of operating cashflows to fund the expansion into food delivery business in 2025.

But I hope to some extent, JD.com and Meituan will come to senses and stop the spiralling effects of internal competition which will hurt both companies. Tencent, being the major shareholder of both companies, may step in at some point to mediate for an amicable solution. The food delivery business and the instant shopping delivery business in China are large enough to accommodate 3-4 large players. Just like the EV market in China, which is big enough for some 8-10 Chinese players to co-exist, after several smaller players were phased out. The e-commerce market in China is also big enough to accommodate Alibaba’s 天猫和陶宝，JD.com and the late comer PDD’s Temu, each making billions of profits every year from the e-commerce business in China and overseas.

IOI Properties share price surged

IOIPG share price surged up 9 sen Tuesday on heavy volume. It successfully closed up the gap left over by the selling on 3rd April to 7 April.

Operations wise, the company should have seen its worst. Based on information from various sources, IOIPG may be seeing a big jump in earnings in FY2026 with several re-rating factors:

• IOI Central Boulevard (IOICB) in Singapore has achieved committed occupancy rate of 75% as of February 2025, and is on track to achieve a targeted occupancy rate of 90% or higher by June 2025.

• Interest rates in Singapore has dropped by about 90 bps since June 2024. IOICB has mostly floating rate loans, and is set to enjoy lower interest expenses from Q3 FY2025 onwards

• IOIPG has completed the acquisition of Tropicana Gardens Mall (now rebranded as IOI Mall Damansara) in Dec 2024 and has since seen substantially higher footfalls to the mall

• IOI City Mall Phase 2 is expected to complete its first round of rental revision for most of its tenants by end 2025, in time for injection into a commercial REIT in 2026

• IOI City Mall Phase 3, which will offer 1 million sf of premium retails space, has commenced construction and is set for completion by end 2028.

• Sheraton Grand Hotel in Jimei, China has commenced operations in March 2025

• W Hotel Singapore is under construction with target to open by 2028

• IOI Industrial Park at Banting will be launched in 2Q 2025

• Marina View Residences in Singapore is set for official launch in July 2025. A successful take-up would significantly enhance cashflows and profitability of IOIPG in FY2026

• Potential land sales in Kulai industrial park of IOIPG in Q2-Q3 2025

• Potential REIT listing in 2H 2026 to house the shopping mall assets and hotel assets of IOIPG - potential valuation of RM7 billion or higher

I expect foreign funds to be attracted with the deep values in IOIPG, especially the prime office towers of IOICB and ultra-luxurious Marina View Residences, as well as the upcoming commercial REIT in Malaysia. That may be evidenced from the net inflows of foreign funds into Bursa in past two weeks which coincide with the rising share price of IOIPG.

Local institutional funds may be buying IOIPG as well, as they are better informed of the planned REIT listing after IOIPG appointed investment bankers in Q1 2025 for the REIT listing.

Net short positions on IOIPG remained steady at 17.5 million shares at close Tuesday.

U Mobile stake in DNB to be taken over by CelcomDigi, Maxis, YTL Power and MOF Inc

theedgemalaysia.com, May 13, 2025

As U Mobile Sdn Bhd has been appointed to roll out the second 5G network in the country, its stake in Digital Nasional Bhd (DNB) will be taken over by CelcomDigi, Maxis, YTL Power and the Minister of Finance Inc.

According to filings by CelcomDigi and Maxis with Bursa Malaysia, U Mobile agreed to sell its entire 100,000 shares in the 5G network wholesaler for RM100,000.

CelcomDigi, Maxis and YTL Power will each acquire 33,333 shares, while the MOF Inc will take one share. The aggregate sum is RM100,000 based on the acquisition price of RM1 per share.

DNB’s revised shareholding structure will see MOF’s stake increasing to 41.67% from 34.88% previously, after Telekom Malaysia’s plan to buy a stake in DNB was terminated.

Meanwhile, CelcomDigi, Maxis and YTL Power will each hold 19.44% in DNB compared to 16.28% previously.

In a letter dated May 13, MOF Inc, CelcomDigi, Maxis and YTL Power agreed to vary certain terms of the shareholders agreement signed on June 28, 2024. The variation agreement is expected to be completed on May 30, 2025.

Under the revised terms, U Mobile will no longer be entitled to exercise its put or call options.

DNB, a special-purpose vehicle under MOF, was initially established to deploy 5G infrastructure and serve as the sole provider of wholesale 5G services to telcos.

In November last year, U Mobile was appointed by the government to deploy the second 5G network, following the government’s decision to adopt a dual 5G network model to encourage competition.

Last month, U Mobile appointed Huawei Technologies Co Ltd and ZTE Corp as its technology partners to deploy Malaysia’s next-generation 5G network under the dual network model.

Launched in 2007, U Mobile has increased its subscriber base from less than 50,000 to more than four million in less than five years. By end-2023, it had more than nine million subscribers.

According to the latest CTOS data, U Mobile’s largest shareholder is Singapore-based Straits Mobile Investment Pte Ltd with 1.025 billion shares, or a 48.25% stake. The second-largest shareholder is the King, Sultan Ibrahim Sultan Iskandar, with a 22.31% stake.

U Mobile chairman Tan Sri Vincent Tan holds a cumulative 13.66% of U Mobile through his companies Singer (Malaysia) Sdn Bhd (6.09%), U Telemedia Sdn Bhd (5.59%) and Berjaya Infrastructure Sdn Bhd (1.98%).

My take: This is well expected after U Mobile was appointed to develop the second 5G network. DNB is still loss making, hence the nominal acquisition price of RM1 per share.

However, based on DNB’s original business plans, the 5G network wholesaler would be making hundred of million ringgit of profits when its 5G network is fully developed. With MOF Inc holding the majority stakes in DNB, we can be assured that the interests of DNB will not be jeopadized by the second 5G network operator.

Net short positions on YTL Power increased by 500k shares to 26.0 million shares at close Tuesday. Short sellers remain defiant, as they still bet on either another round of sell-off in US equities in June/July, or a big share price adjustment after YTLP’s bonus warrants go ex on 26 May.